SEC Requests To File Omnibus Brief Against Binance, Binance U.S. & CZ

In the most recent development in the SEC’s action against Binance, Binance.US, and CEO CZ, the SEC plans to submit an omnibus brief. The securities regulator aims to dismiss the complaint filed by Binance.US and a motion by Binance Holdings and Changpeng “CZ” Zhao to dismiss the lawsuit. 

SEC’s Omnibus Brief

The SEC’s omnibus brief will likely present a comprehensive argument outlining why they believe the complaint and motion should be dismissed. This move by the SEC indicates their determination to address all legal challenges Binance.US, Binance Holdings, and CZ pose in one consolidated document. 

Moreover, Magistrate Judge Faruqui has granted an order to seal certain documents related to the parties’ Joint Status Report. The order suggests that sensitive information or trade secrets may be involved in the case that need to be protected from public disclosure. 

SEC Requests Rejecting Pre-Motion Dismissal Of Trial

The U.S. SEC submitted a motion requesting an order to provide an omnibus brief of 80 pages in response to the most recent request by Binance, CEO CZ, and Binance.US to dismiss the complaint.

The SEC is compiling a lengthy response to the defendants’ petitions to dismiss the case. The regulator contends that the defendants’ legal defenses for their motions overlap. In its request, the SEC submits, “Rather than filing separate briefs responding to each motion, the SEC respectfully submits that it is in the interests of judicial economy to permit the SEC to respond to both motions in an omnibus brief.” 

Judge Grants Binance.US’s Motion For Sealing

Binance.US (BAM Trading Services and BAM Management US Holdings) has requested that certain papers about the parties’ October 10 Joint Status Report be sealed. 

Magistrate Judge Zia M. Faruqui has granted this request. According to the Magistrate Court, the request is justified by stopping illegal access to private and secret information. 

Future of The Case

The Binance v. U.S. SEC case is now being dismissed by the Chamber of Digital Commerce and other associations and businesses involved in digital assets, law firms, and legislators. This collective action is based on the belief that the case has significant implications for the future of digital asset regulation and could potentially set a precedent for the industry. The dismissal aims to encourage a more collaborative approach between regulators and industry stakeholders in shaping the regulatory landscape for digital assets.